Tunisian Market Sees Significant Growth in Collective Investment Schemes (OPCVM)
Despite a constrained economic context, marked by a significant monetary tightening in 2024, the Tunisian market for Collective Investment Schemes (OPCVM) has experienced strong growth. According to a research note published on July 15 by Tunisie Valeurs, a leading brokerage firm, the total assets under management have exceeded 7 billion dinars, confirming the growing interest of Tunisian savers in these collective investment vehicles.
22.8% Growth in 2025
In 2025, this trend has accelerated, with assets under management increasing by 22.8%, driven primarily by bond-based OPCVM, considered safe-haven assets. Mixed OPCVM have also performed well, benefiting from a diversified allocation strategy.
Impact of Central Bank's Decision
The decrease in the central bank's key interest rate (from 8% to 7.5%) has enhanced the attractiveness of short-term bond funds. However, this same factor could, in the medium and long term, weigh on their returns, to the benefit of more competitive banking products.
What are OPCVM?
OPCVM allow investors, even those with modest means, to invest in financial markets through collectively managed funds. In Tunisia, these instruments have taken on an increasingly important role in financing the economy and dynamizing the capital market.
Market Structure
The Tunisian OPCVM market is structured around SICAV (Société d'Investissement à Capital Variable) and FCP (Fonds Communs de Placement), offering three main families: bond-based, mixed, and equity-based, each adapted to a different risk profile. Since 2016, the arrival of institutional OPCVM has brought new depth to the market.
Emergence of Monetary OPCVM
The emergence of monetary OPCVM, regulated since 2018, offers a secure and liquid short-term investment solution. They now represent a complementary source of financing for the state and enterprises. Their success will depend on their ability to reconcile stability and profitability, concludes Tunisie Valeurs.
